I see it happening in San Diego. Probably down in Chula Vista first.
Link below is for a listing of a house the developer sold for $900,000 in 2005. Today its an REO listed at $685,000. Scroll through the listing pictures, and what do you see from the balcony? Acres of graded lots ready for new homes! If/when those lots get homes on them, they will have to be sold at 40-50% off the developers 2005 prices.
